SBA loans are available for small businesses to finance any legitimate business expenditure. Due to the partial government backing on the loan from the U.S. Small Business Administration, lenders may approve SBA loan requests with lower down payments, longer repayment terms, and easier qualifying criteria than conventional bank loans.
Check out this short list of examples of SBA financing used by small businesses just like yours:
- Purchase real estate in which at least 51% of the square footage is occupied by the small business.
- Construct a new building in which at least 60% of the square footage is occupied by the small business.
- Renovate and/or expand an owner-used small business property.
- Purchase a business.
- Start up a new business.
- Purchase business equipment.
- Buy out a partner or shareholder.
- Consolidate debts.
- Provide working capital for expansion of the business.